8,765 Startups recognised by DIPP since Jan 2016

Speed Post News Network

New Delhi : A 19-point Action Plan for Startups was launched in January 2016. The Action plan covers areas of Simplification and Handholding, Funding Support & Incentives and Industry-Academia partnership and incubation. Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, is the nodal Ministry for successful implementation of the Action Plan.

Modification of definition of Startups in May 2017 and improvements incorporated in the recognition process reduced the time taken for grant of recognition certificate from 10-15 days to 1-4 days currently.

As a result, as against 797 recognitions in 2016-17, 7,968 Startups received recognition in FY 2017-18. A total of 8,765 Startups have been recognized by DIPP since January  2016. Of the recognized Startups, 15% are from IT services, 9% healthcare and life sciences, 7% education, 6% professional and commercial services, 4% agriculture among others. Of all directors of Startups, 35% are women. Altogether 6,954 Startups have reported employment generation of 81,264. Additionally, 88 Startups have been certified for claiming tax exemptions by the Inter-Ministerial Board, according to a PIB release.

The Government e-marketplace, GeM portal has been fully integrated with Startup India portal. Startups can now list their products and services on GeM and automatically receive relaxations on criteria of prior turnover, experience and submission of earnest money deposit. Startups are eligible for 80% rebate in patent filing fees and 50% on trade mark filing fees. They are also eligible for free facilitation along with fast track examination of patent applications.

DIPP has also established the Startup India Hub, a single point of contact for the entire ecosystem to enable knowledge exchange and access to funding. The Startup India Hub works with Startups, incubators, investors, mentors, corporates and government agencies in a hub and spoke model. The Hub has addressed 88,566 queries over phone, email and social media. It has facilitated 494 Startups in business plan formulation, fund raising and policy advocacy.  The Hub has entered into partnerships with 25 corporates to offer mentorship, acceleration and pro-bono services to Startups and entrepreneurs.

The key objective of the Startup States Ranking Framework is to encourage States and UTs to take proactive steps towards strengthening the Startup ecosystems within their jurisdictions.